The following letter is meant to be sent to your congressmen and or local politician to further prevent this [STABLEAct] bill from passing
Dear Senator or Representative,
I am concerned about bill STABLEAct (no bill number yet as it was just introduced).
I think it is both an unconstitutional overreach, and also leads to domestic regulatory confusion in an international emerging market.
Specifically:
I do not think that the federal government should regulate cryptographic stablecoins as they do not regulate any other foreign currency including ones pegged to the US dollar. As the federal government does not regulate foreign currency, this is an unconstitutional overreach of the federal government. (The bill specifically says it applies to both domestic and foreign currency. page 10 line 18).
I think the bill as written adds confusion to an already confusing segment of the economy as it introduces new restrictions to who can use and create stablecoins while explicitly stating that "Nothing in this section may be construed as removing any jurisdictional or regulatory authority of any Federal agency" (page 17 line 18-20).
So it is or it isn't. Either the bill changes who regulates stablecoins or it doesn't. If stablecoins are now regulated as part of banking instead of securities that needs to be stated in the law. If not, then the bill needs to state what goes where. It's confusing.
In conclusion, if you are going to regulate stablecoins, please introduce legislation that is clearer and more friendly to the business of cryptocurrency.
My recommendation would be that the federal government creates its own stablecoin and offer it as part of regular banking, rather than restricting existing stablecoins without presenting an alternative.
Thank you.
Written by: u/coranos2 on reddit
TL;DR:
US lawmakers seek to make stablecoins illegal without federal approval
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